Second delay for MCU and FirstMac

A Supreme Court of Queensland judge has set August 2nd as the latest date on which members of MCU Ltd (Maleny Credit Union) may seek final approval of the Scheme of Arrangement to transfer its ADI business to Brisbane-based non-bank Firstmac.

MCU members agreed to this scheme in a vote on April 30 and Firstmac and MCU are waiting for a decision on authorising the entry of this A$11 billion force in lending to finally operate under its own banking licence.

"The Federal Treasurer had still not given approval, so the Court Hearing has been put back again, to allow the Treasurer, Josh Frydenberg, to make a decision on approval," David Wright, deputy chair of MCU told members yesterday.